Homework Answers
Statement of Cash Flows for Aberdeen Vessel
| Particulars | Amount in '000s |
| Operating Activities | |
| Net Income | 50.00 |
| Adjustments to reconcile Cash - Non Cash & Non-Operating Items | |
| Add: Depreciation | 2.00 |
| Less: Profit on Sale of Property | -1.50 |
| Changes in Current Assets/Other Operating Items | |
| Less : Increase in Accounts Receivables | -10.00 |
| Add : Decrease in Interest Receivables | 1.00 |
| Add : Decrease in Inventory | 15.00 |
| Less : Increase in Prepaid Expenses | -38.00 |
| Add : Increase in Accounts Payables | 13.00 |
| Less : Decrease in Accrued Liabilities | -11.00 |
| Add: Decrease in Note Receivable | 35.00 |
| Less : Taxes Paid (Refer Note) | -5.00 |
| Cash Flow from Operating Activities | 50.50 |
| Investing Activities | |
| Sale of Property, Plant & Equipment (330 - 325 - 2 ) | 3.00 |
| Profit on Sale of Property |
1.50 |
| Cash Flow from Investing Activities | 4.50 |
| Financing Activities | |
| Issue of Shares | 70.00 |
| Cash Flow from Financing Activities | 70.00 |
| Net Increase in Cash ( 50.50 + 4.50 + 70.00) | 125.00 |
| Opening Cash | 250.00 |
| Closing Cash (Net Increase + Opening) | 375.00 |
1. Net Income = 50, However Net Increase in Retained Earning is 45. It is assumed difference of 5 is of Taxation.
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Q3. (25 marks) Given the following information for Aberdeen Vessel Incorporated prepare their statement of cash...
Q3. (25 marks) Given the following information for Aberdeen Vessel Incorporated prepare their statement of cash...
Q3. (25 marks) Given the following information for Aberdeen Vessel Incorporated prepare their statement of cash flows for December 31, 2017 under ASPE 2017 2016 Cash375250 Accounts receivable8575 Interest receivable 56 Inventory 8095 Prepaid Expenses 1810 Non-current Note receivable90125 Property, plant and Equipment 325330 (niet of depreciation) Accounts payable3320 Accrued liabilities 4556 Common Shares825755 Retained Earnings 10560 Net in.com 50 Depreciation expense Gain on sale of property 1.5 het Show transcribed image text
Q2. (25 marks) Given the following information for Lesson Hercules Incorporated prepare their statement of cash...
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Q2. (25 marks) Given the following information for Lesson Hercules Incorporated prepare their statement of cash flows for December 31, 2017 under ASPE. Qash 550,365 7,585 3,562 225 112,300 430,460 Accounts receivable Inventory Prepaid Expenses Non-current - Note receivable Property, plant and Equipment (net of depreciation) Accounts payable Accrued liabilities Common Shares Retained Earnings Net income Depreciation expense 1,340 1,283 934,914 265,240 50 30,000
please show set by step Q2. (25 marks) Given the following information for Lesson Hercules Incorporated...
please show set by step
Q2. (25 marks) Given the following information for Lesson Hercules Incorporated prepare their statement of cash flows for December 31, 2017 under ASPE. 2017*2016* Cash550365 Accounts receivable7585 Inventory3562 Prepaid Expenses 225 Non-current - Note receivable112300 Property, plant and Equipment430460 (net of depreciation) Accounts payable 1340 Accrued liabilities1 283 Common Shares934914 Retained Earnings 265240 Net income50 Depreciation expense30 * in 000s Q2. (25 marks) Given the following information for Lesson Hercules Incorporated prepare their statement of...
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Hea Q2. (25 martes) Given the following information for Lesson Hercules Incorporated prepare their statement of cash flows for December 31, 2017 under ASPE. I 201702016 CashS50365 Accounts receivable7585 Inventory3562 Prepaid Expenses225 Non-current - Note receivablel12300 Property, plant and Equipment430460 (net of depreciation) Accounts payable1340 Accrued liabilities1283 Common Share-934914 Retained Eaming 265240 Net income 50 Depreciation expense30 in 000
Given the following information for Lesson Hercules Incorporated prepare their statement of cash flows for December...
Given the following information for Lesson Hercules Incorporated prepare their statement of cash flows for December 31, 2017 under ASPE. 2017* 550 75 35 22 2016* 365 85 62 5 112 300 430 460 Cash Accounts receivable Inventory Prepaid Expenses Non-current - Note receivable Property, plant and Equipment (net of depreciation) Accounts payable Accrued liabilities Common Shares Retained Earnings Net income Depreciation expense * in 000s 13 12 40 83 914 240 934 265 50 30
Given the following information for Lesson Hercules Incorporated prepare their statement of cash flows for December...
Given the following information for Lesson Hercules Incorporated prepare their statement of cash flows for December 31, 2017 under ASPE. 2017* 2016* Cash 550 365 Accounts receivable 75 85 Inventory 35 62 Prepaid Expenses 22 5 Non-current - Note receivable 112 300 Property, plant and Equipment 430 460 (net of depreciation) Accounts payable 13 40 Accrued liabilities 12 83 Common Shares 934 914 Retained Earnings 265 240 Net income 50 Depreciation expense 30 * in 000s
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Prepare a Statement of Cash Flows using the direct method. Use the following information: The following...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
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Q3. (20 marks) Top Aces reported the following financial statement at the end of 2016 - 2016 2015 1 2 3 4 5 $ 23,984 18,088 259 3,880 536 $ 1,221 $ 21,115 15,333 234 4,248 485 $ 815 6 7 8 9 Income Statement Net sales Cost of sales Depreciation Other operating expenses Income tax expense Net income Balance Sheet Cash and cash equivalents Accounts laceivable Inventory Property and equipment, net Accounts payable Accrued liabilities Income tax payable $...
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Q2. (25 marks) Given the following information for Lesson Hercules Incorporated prepare their statement of cash flows for December 31, 2017 under ASPE. Qash 550,365 7,585 3,562 225 112,300 430,460 Accounts receivable Inventory Prepaid Expenses Non-current - Note receivable Property, plant and Equipment (net of depreciation) Accounts payable Accrued liabilities Common Shares Retained Earnings Net income Depreciation expense 1,340 1,283 934,914 265,240 50 30,000
please show set by step
Q2. (25 marks) Given the following information for Lesson Hercules Incorporated prepare their statement of cash flows for December 31, 2017 under ASPE. 2017*2016* Cash550365 Accounts receivable7585 Inventory3562 Prepaid Expenses 225 Non-current - Note receivable112300 Property, plant and Equipment430460 (net of depreciation) Accounts payable 1340 Accrued liabilities1 283 Common Shares934914 Retained Earnings 265240 Net income50 Depreciation expense30 * in 000s Q2. (25 marks) Given the following information for Lesson Hercules Incorporated prepare their statement of...
Hea Q2. (25 martes) Given the following information for Lesson Hercules Incorporated prepare their statement of cash flows for December 31, 2017 under ASPE. I 201702016 CashS50365 Accounts receivable7585 Inventory3562 Prepaid Expenses225 Non-current - Note receivablel12300 Property, plant and Equipment430460 (net of depreciation) Accounts payable1340 Accrued liabilities1283 Common Share-934914 Retained Eaming 265240 Net income 50 Depreciation expense30 in 000
Given the following information for Lesson Hercules Incorporated prepare their statement of cash flows for December 31, 2017 under ASPE. 2017* 550 75 35 22 2016* 365 85 62 5 112 300 430 460 Cash Accounts receivable Inventory Prepaid Expenses Non-current - Note receivable Property, plant and Equipment (net of depreciation) Accounts payable Accrued liabilities Common Shares Retained Earnings Net income Depreciation expense * in 000s 13 12 40 83 914 240 934 265 50 30
what you wan Α' Α' Β Ι Ο Ον Αν Α, . Q2. (25 marks) Given the following information for Lesson Hercules Incorporated prepare their statement of cash flows for December 31, 2017 under ASPE 2017*2016* Cash550365 Accounts receivable7585 Inventory3562 Prepaid Expenses225 I Non-current - Note receivable112300 Property, plant and Equipment430460 (net of depreciation) Accounts payable1340 Accrued liabilities1283 Common Shares934914 Retained Earings265240 Net incomes Depreciation expense30 * in 0005 O
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
Q3. (20 marks) Top Aces reported the following financial statement at the end of 2016 - 2016 2015 1 2 3 4 5 $ 23,984 18,088 259 3,880 536 $ 1,221 $ 21,115 15,333 234 4,248 485 $ 815 6 7 8 9 Income Statement Net sales Cost of sales Depreciation Other operating expenses Income tax expense Net income Balance Sheet Cash and cash equivalents Accounts laceivable Inventory Property and equipment, net Accounts payable Accrued liabilities Income tax payable $...
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